A Price ________ Is a Regulated ________ That Must Be

question 175

Multiple Choice

A price ________ is a regulated ________ that must be set below the equilibrium price to have an effect.

• A) floor; price
• B) floor; quantity
• C) ceiling; price
• D) ceiling; quantity

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Definitions:

General Partnership

A business arrangement where two or more individuals agree to share in all assets, profits, and financial and legal liabilities of a venture.

Unlimited Personal Liability

A legal obligation where an individual's personal assets can be used to satisfy business debts and liabilities without limit.

Represents Himself

Refers to an individual who acts as his or her own legal representative in court, without an attorney.

Liability of a Partner

The legal responsibility of each partner in a partnership for the debts and obligations of the business, which can extend to their personal assets.